I had to do something similar once. I ended up using ImageMagick and ptrace get a nice "silhouette" of my image and use the generated data to draw a path using Raphael.
That's awesome, thanks for showing me that. It would definitely be cool to implement something similar for browsers with SVG support, then fallback to the generated spans for those without.
convert IMAGE.png -channel matte -separate +matte -flip ppm:- | potrace -k 0.95 -u 1 -s